RiskOn International (NASDAQ: ROI) shares are in a freefall, dropping 14.21% during Thursday’s pre-market trading session. This follows an astonishing 20% surge just a day ago.
The gaming platform and metaverse company witnessed an unprecedented trading frenzy on Wednesday, with a whopping 103,118,555 (103.11 million) shares changing hands – in contrast to the usual 6.89 million daily volume. Strikingly, this surge occurred without any apparent catalyst. No new announcements or filings with the Securities and Exchange Commission (SEC) were reported, and there’s no fresh analyst coverage explaining the sudden rally.
Adding to the intrigue is ROI’s status as a penny stock, with a meager closing price of 15 cents per share and a market capitalization of only $528,665. Penny stocks like ROI are susceptible to manipulation by some traders who artificially inflate prices before swiftly selling for profits, especially during non-standard trading hours.
Investors are urged to exercise caution, considering the inherent risks linked to penny stocks. The lack of concrete news or analysis leaves room for speculation that the current volatility may be due to manipulative trading practices.
As of Thursday morning, ROI stock is down 14.21%, leaving traders on edge as they monitor the situation closely.
Earlier this month, RiskOn International (NASDAQ: ROI), in collaboration with Meetkai, Inc., unveiled the debut of “askROI.com.” This cutting-edge artificial intelligence (AI) product aims to improve the management and accessibility of data for both businesses and individuals.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
